StOcK eXcHanG

2009-04-07T11:08:00.000-07:00

Karachi Stock Exchange

Karachi Stock Exchange

Type	Stock Exchange
Location	Karachi, Pakistan
Owner	Karachi Stock Exchange Limited
Key people	Adnan Afridi, CEO
Currency	PKR
No. of listings	671
MarketCap	US$ 73 billion
Volume	US$ 12 billion
Indexes	KSE 100 Index KSE-30 Index
Website	www.kse.com.pk

The Karachi Stock Exchange or KSE is a stock exchange located in Karachi, Sindh, Pakistan. Founded in 1947, it is Pakistan's largest and oldest stock exchange, with many Pakistani as well as overseas listings. Its current premises are situated on Stock Exchange Road, in the heart of Karachi's Business District.

History

Karachi Stock Exchange is the biggest and most liquid exchange in Pakistan. It was declared the “Best Performing Stock Market of the World for the year 2002”. As on May 30, 2008, 654 companies were listed with a market capitalization of Rs. 3,746.203 billion (US$ 56.334 billion) having listed capital of Rs. 705.873 billion (US$ 10.615 billion). The KSE 100TM Index closed at 12130.51 on May 30, 2008.

Business

Trading

The exchange has pre-market sessions from 09:15am to 09:30am and normal trading sessions from 09:30am to 03:30pm. It is the second oldest stock exchange in South Asia.^[1] The karachi stock exchange has undergone a considerable deal of downturn partly due to global financial crisis and partly on account of domestic troubles. It remained suspended in excess of 4 months and resumed normal trading only on December 15,2008. The KSE 100 Index and KSE 30 Index after hitting the low around mid january has now rebounced and recovered 20-25% till March 12th 2009.

Growth

The KSE is the biggest and most liquid exchange in Pakistan and in 2002 it was declared as the “Best Performing Stock Market of the World” by Business Week. As of December 20, 2007, 671 companies were listed with the market capitalization of Rs. 4364.312 billion (US$ 73 Billion) having listed capital of Rs. 717.3 billion (US$ 12 billion). On December 26, 2007, the KSE 100 Index reached its ever highest value and closed at 14,814.85 points.

Foreign buying interest had been very active on the KSE in 2006 and continued in 2007. According to estimates from the State Bank of Pakistan, foreign investment in capital markets total about US$523 Million. According to a research analyst in Pakistan, around 20pc of the total free float in KSE-30 Index is held by foreign participants.

KSE has seen some fluctuations since the start of 2008. One reason could be that it is the election year in Pakistan, and stocks are expected to remain dull. KSE has set an all time high of 15,000 points, before settling around the 14,000 mark.

Karachi stock exchange Board of Directors has recently (2007) announced plans to construct a 40 story high rise KSE building, as a new direction for future investment.

Disputes between investors and members of the Exchange are resolved through deliberations of the Arbitration Committee of the Exchange.

KSE began with a 50 shares index. As the market grew a representative index was needed. On November 1st, 91 the KSE-100 was introduced and remains to this day the most generally accepted measure of the Exchange. Karachi Stock Exchange 100 Index (KSE-100 Index) is a benchmark used to compare prices overtime, companies with the highest market capitalization are selected. To ensure full market representation, the company with the highest market capitalization from each sector is also included.

In 1995 the need was felt for an all share index to reconfirm the KSE-100 and also to provide the basis of index trading in future. On August the 29th, 1995 the KSE all share index was constructed and introduced on September 18, 1995.

2008 Karachi Stock Exchange Crisis

April 20 : Karachi Stock Exchange achieved a major milestone when KSE-100 Index crossed the psychological level of 15,000 for the first time in its history and peaked 15,737.32 on 20 April, 2008. Moreover, the increase of 7.4 per cent in 2008 made it the best performer among major emerging markets.^[2] ^[3]
May 23: Record high inflation in the month of May, 2008 resulted in the unexpected increase in the interest rates by State Bank of Pakistan which eventually resulted in sharp fall in Karachi Stock Exchange.^[4] ^[5]
July 17 :Angry investors attacked the Karachi Stock Exchange in protest at plunging Pakistani share prices. ^[6] ^[7]
July 16 : KSE-100 Index dropped one-third from an all-time high hit in April, 2008 as rising pressure on shaky Pakistan's coalition government to tackle Taliban militants exacerbates concern about the country's economic woes. ^[8]
August 18: KSE 100 Index rose more than 4% after the announcement of the resignation of President Pervez Musharraf but Credit Suisse Group said that Pakistan's Post-Musharraf rally in Stock Exchange will be short-lived because of a rising fiscal deficit and runaway inflation. ^[9] ^[10]
August 28 :Karachi Stock Exchange set a floor for stock prices to halt a plunge that has wiped out $36.9 billion of market value since April. ^[11]
December 15: Trading resumes after the removal of floor on stock prices that was set on August 28 to halt sharp falls. ^[12]

References

External links

Karachi Stock Exchange Website
Fund Managers Resource
A Memorable Year for Pakistani bourses, Dawn, Dec. 31, 2002
Who parented the stock market boom?, Dawn, Jan. 20, 2003

Osaka Securities Exchange

2009-04-07T11:07:00.000-07:00

Osaka Securities Exchange

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Osaka Stock Exchange
大阪証券取引所
Type	Privately-held K.K.
Founded	June 1878
Headquarters	Osaka, Japan
Key people	Michio Yoneda (Chairman/CEO)
Industry	Financial
Products	Securities exchange
Employees	207
Website	http://www.ose.or.jp/e/index.html

Osaka Securities Exchange Building in Chuo-ku, Osaka

The Osaka Securities Exchange Co., Ltd. (株式会社大阪証券取引所 ,Kabushiki-gaisha Ōsaka Shōken Torihikijo^?, OSE) (Hercules: 8697) is the second largest securities exchange in Japan, in terms of amount of business handled. As of 31 December 2007, the Osaka Securities Exchange had 477 listed companies with a combined market capitalization of $212 billion.^[1] The Nikkei 225 Futures, introduced at the Osaka Securities Exchange in 1988, is now an internationally recognized futures index. In contrast to the Tokyo Securities Exchange, which mainly deals in spot trading, the Osaka Securities Exchange’s strength is in derivative products today OSE is the leading Derivatives Exchange in Japan and it was the largest futures market in the world in 1990 and 1991. According to statistics from 2003, the Osaka Securities Exchange handled 59% of the stock price index futures market in Japan, and almost 100% of trading in the options market. Osaka Securities Exchange Co., which listed on its Hercules market for startups in April 2004 is the only Japanese securities exchange which went public on its own market.

In July 2006 OSE launched their newest futures contract the Nikkei 225 mini which is one tenth of the size of the original Nikkei 225 Futures contract and highly popular among Japanese individual investors. In September 2007 OSE established evening session for Stock Index Futures and Options.The trading hours is from 16:30 to 19:00 (JST. 7:30-10:00 in UTC).^[2]

New York Stock Exchange

2009-04-07T11:06:00.000-07:00

New York Stock Exchange

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This article is about the stock exchange itself. For its parent company, see NYSE Euronext.

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New York Stock Exchange


Type	Stock exchange
Location	New York City, New York, United States
Coordinates	40°42′24″N 74°00′41″W / 40.70667°N 74.01139°W / 40.70667; -74.01139
Owner	NYSE Euronext
Key people	Duncan Niederauer (CEO)
Currency	United States dollar
No. of listings	2,773
MarketCap	US$25 trillion (2006)
Volume	US$22 trillion (2006)
Indexes	NYSE Composite Dow Jones Industrial Average
Website	www.nyse.com

New York Stock Exchange
U.S. National Register of Historic Places
U.S. National Historic Landmark
Front Elevation of New York Stock Exchange

Location:	New York, NY
Coordinates:	40°42′24.21″N 74°0′41.6″W / 40.706725°N 74.011556°W / 40.706725; -74.011556
Built/Founded:	1903
Architect:	Trowbridge & Livingston; George B. Post
Architectural style(s):	Classical Revival
Governing body:	Private
Added to NRHP:	June 2, 1978^[1]
Designated NHL:	June 2, 1978^[2]
NRHP Reference#:	78001877

New York Stock Exchange is an equity (stock) exchange located at 11 Wall Street in lower Manhattan, New York, USA). It is the largest stock exchange in the world by dollar value of its listed companies' securities.^[3] As of October 2008, the combined capitalization of all domestic New York Stock Exchange listed companies was US$10.1 trillion.^[4]

The NYSE is operated by NYSE Euronext, which was formed by the NYSE's 2007 merger with the fully-electronic stock exchange Euronext. The NYSE trading floor is located at 11 Wall Street and is composed of four rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978,^[5] as was the 11 Wall Street building.^[2]^[6]^[7]

Istanbul Stock Exchange

2009-04-07T11:04:00.000-07:00

Istanbul Stock Exchange

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Istanbul Stock Exchange

Type	Public
Founded	1866-1986
Headquarters	Istanbul, Turkey
Key people	Hüseyin Erkan,CEO-Chairman
Industry	Financial
Products	Stocks
Website	ise.org

The Istanbul Stock Exchange (ISE)[1] (Turkish: İstanbul Menkul Kıymetler Borsası, İMKB) is the only corporation in Turkey for securities exchange established to provide trading in equities, bonds and bills, revenue-sharing certificates, private sector bonds, foreign securities and real estate certificates as well as international securities. The ISE was founded as an autonomous, professional organization in early 1986. It is situated in a modern building complex in Emirgan, on the European side of Istanbul since May 15, 1995. The Chairman and Chief Executive Officer of the ISE is Hüseyin Erkan who was appointed by the government on November 2, 2007.

ISE is home to 320 national companies. Trading hours are 09:30-12:00 for the first session and 14:00-17:00 for the second session, on workdays. All ISE members are incorporated banks and brokerage houses.

ISE price indices are computed and published throughout the trading session while the return indices are calculated and published at the close of the session only. The indices are: ISE National-All Shares Index, ISE National-30, ISE National-50, ISE National-100, Sector and sub-sector indices, ISE Second National Market Index, ISE New Economy Market Index and ISE Investment Trusts Index. The ISE National-100 Index contains both the ISE National-50 and ISE National-30 Index and is used as a main indicator of the national market.

Hong Kong Stock Exchange

2009-04-07T11:00:00.000-07:00

Hong Kong Stock Exchange

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Hong Kong Stock Exchange

Type	Stock exchange
Location	Central, Hong Kong
Currency	Hong Kong dollar
Indexes	Hang Seng Index
Website	hkex.com.hk

The Hong Kong Stock Exchange (traditional Chinese: 香港交易所, also 港交所 (HKEX), SEHK: 0388) is the stock exchange of Hong Kong. The exchange has predominantly been the main exchange for Hong Kong where shares of listed companies are traded. It is Asia's third largest stock exchange in terms of market capitalization, behind the Tokyo Stock Exchange and the Shanghai Stock Exchange. As of 31 December 2007, the Hong Kong Stock Exchange had 1,241 listed companies with a combined market capitalization of $2.7 trillion.^[1] Hong Kong Exchanges and Clearing is the holding company for the exchange.

History

Hong Kong Exchange Trade Lobby

The history of the securities exchange began formally in the late 19th century with the first establishment in 1891, though informal securities exchanges have been known to take place since 1861^[2]. The exchange has predominantly been the main exchange for Hong Kong despite co-existing with other exchanges at different point in time. After a series of complex mergers and acquisitions, HKSE remains to be the core. From 1947 to 1969 the exchange monopolized the market.

2009-04-07T10:58:00.000-07:00

National Stock Exchange of India

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National Stock Exchange Limited

Type	Stock Exchange
Location	Mumbai, India
Coordinates	19°3′37″N 72°51′35″E / 19.06028°N 72.85972°E / 19.06028; 72.85972
Owner	National Stock Exchange of India Limited
Key people	Mr. Ravi Narain Managing Director
Currency	INR
No. of listings	1587
MarketCap	US$ 1.46 trillion (2006)
Indexes	S&P CNX Nifty CNX Nifty Junior S&P CNX 500
Website	www.nse-india.com

The National Stock Exchange of India Limited (NSE), is a Mumbai-based stock exchange. It is the largest stock exchange in India in terms of daily turnover and number of trades, for both equities and derivative trading.^[1]. Though a number of other exchanges exist, NSE and the Bombay Stock Exchange are the two most significant stock exchanges in India, and between them are responsible for the vast majority of share transactions. The NSE's key index is the S&P CNX Nifty, known as the Nifty, an index of fifty major stocks weighted by market capitalisation.

NSE is mutually-owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries in India but its ownership and management operate as separate entities^[2]. There are at least 2 foreign investors NYSE Euronext and Goldman Sachs who have taken a stake in the NSE.^[3] As of 2006^[update], the NSE VSAT terminals, 2799 in total, cover more than 1500 cities across India ^[4]. In October 2007, the equity market capitalization of the companies listed on the NSE was US$ 1.46 trillion, making it the second largest stock exchange in South Asia. NSE is the third largest Stock Exchange in the world in terms of the number of trades in equities.^[5]It is the second fastest growing stock exchange in the world with a recorded growth of 16.6%.^[6]

Origins

NSE building at BKC

The National Stock Exchange of India was promoted by leading Financial institutions at the behest of the Government of India, and was incorporated in November 1992 as a tax-paying company. In April 1993, it was recognized as a stock exchange under the Securities Contracts (Regulation) Act, 1956. NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities) segment of the NSE commenced operations in November 1994, while operations in the Derivatives segment commenced in June 2000.

Tokyo Stock Exchange

2009-04-07T10:55:00.000-07:00

Tokyo Stock Exchange

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Tokyo Stock Exchange
東京証券取引所


Type	Stock exchange
Location	Tokyo, Japan
Coordinates	35°40′57.60″N 139°46′43.71″E / 35.6826667°N 139.7788083°E / 35.6826667; 139.7788083
Founded	1878
Owner	Tokyo Stock Exchange Group, Inc.
No. of listings	2,412
MarketCap	JPY 483.828 trillion (2007-12-31)
Volume	JPY 762.646 trillion/year (2007)
Indexes	TOPIX Nikkei 225
Website	www.TSE.or.jp

The main trading room of the Tokyo Stock Exchange, where trading is currently completed through computers.

The Tokyo Stock Exchange (東京証券取引所 ,Tōkyō Shōken Torihikisho^?), or TSE, located in Tokyo, Japan, is the second largest stock exchange market in the world by market value, second only to the New York Stock Exchange. As of 31 December 2007, the the Tokyo Stock Exchange had 2,414 listed companies with a combined market capitalization of $4.3 trillion.^[1]

[hide]

[edit] Structure

The TSE is incorporated as a kabushiki kaisha with nine directors, four auditors and eight executive officers. Its headquarters are located at 2-1 Nihombashi Kabutocho, Chūō, Tokyo, Japan. Its operating hours are from 9:00 to 11:00 am, and from 12:30 to 3:00 pm. From April 24, 2006, the afternoon trading session started at its usual time of 12:30 p.m.

Stocks listed on the TSE are separated into the First Section (for large companies), the Second Section (for mid-sized companies), and the "Mothers" section (for high-growth startup companies). As of March 2006, there are 1,721 First Section companies, 489 Second Section companies and 156 Mothers companies.

The main indixes tracking the TSE are the Nikkei 225 index of companies selected by the Nihon Keizai Shimbun (Japan's largest business newspaper), the TOPIX index based on the share prices of First Section companies, and the J30 index of large industrial companies maintained by Japan's major broadsheet newspapers.

89 domestic and 19 foreign securities companies participate in TSE trading. See: Members of the Tokyo Stock Exchange

Other TSE-related institutions include:

The exchange's press club, called the Kabuto Club (兜倶楽部 ,Kabuto kurabu^?), which meets on the third floor of the TSE building. Most Kabuto Club members are affiliated with the Nihon Keizai Shimbun, Kyodo News, Jiji Press, or business television broadcasters such as Bloomberg LP and CNBC. The Kabuto Club is generally busiest during April and May, when public companies release their annual accounts.

On 15 June 2007, the TSE paid $303 million to acquire a 4.99% stake in Singapore Exchange Ltd. [1]

London Stock Exchange

2009-04-07T10:53:00.000-07:00

London Stock Exchange

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London Stock Exchange

Type	Stock Exchange
Location	London, United Kingdom
Coordinates	51°30′54″N 0°05′56.5″W / 51.515°N 0.099028°W / 51.515; -0.099028
Founded	1801
Owner	London Stock Exchange Group
Key people	Clara Furse (CEO) Christopher S. Gibson-Smith (Chairman)
Currency	GBP
No. of listings	3,233
Website	londonstockexchange.com

Paternoster Square. The LSE occupies the building that takes up much of the right side of this picture.

The London Stock Exchange or LSE is a stock exchange located in London, United Kingdom. Founded in 1801, it is one of the largest stock exchanges in the world, with many overseas listings as well as British companies. The LSE is part of the London Stock Exchange Group.

Its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London.

[edit] History

[edit] Origin of share trading

The trade in shares in London began with the need to finance two voyages: The Muscovy Company's attempt to reach China via the White Sea north of Russia, and the East India Company voyage to India and the east.

Unable to finance these costly journeys privately, the companies raised the money by selling shares to merchants, giving them a right to a portion of any profits eventually made.

[edit] Exchange

The idea soon caught on (one of the earliest was the Earl of Bedford's scheme to drain the fens). It is estimated that by 1695, there were 140 joint-stock companies. The trade in shares was centred around the City's Change Alley in two coffee shops: Garraway's and Jonathan's. The broker, John Castaing, published the prices of stocks and commodities called The Course of the Exchange and other things in these coffee shops.

[edit] Licensing of brokers

In 1697, a law was passed to "restrain the number and ill-practice of brokers and stockjobbers" following a number of insider trading and market-rigging incidents. It required all brokers to be licensed and to take an oath promising to act lawfully.

[edit] The South Sea Bubble

The Change Alley exchange thrived. However, it suffered a set-back in 1720.

Much excitement was caused by the South Sea Company, stoked by brokers, the company's owner John Blunt and the government. Having set up the unprofitable company nine years previously, the government hoped to wipe out the large debts accumulated by offering shares to the public.

Shares in the company, which had started at £128 each at the start of the year, were soon fetching as much as £1,050 by June. The bubble inevitably burst, with share prices plunging to £175, then £124.

The incident caused outcry, forcing the government to pass legislation to prevent another bubble, and it took a long time for the stock exchange to recover.

[edit] Threadneedle Street and Capel Court

Jonathan's burnt down in 1748, and this, plus dissatisfaction with the overcrowding in the Alley, made the brokers build a New Jonathan's on Threadneedle Street, as well as charging an entrance fee. The building was soon renamed the Stock Exchange, only to be renamed again as the Stock Subscription Room in 1801, with new membership regulations.

Former LSE premises in Threadneedle Street

However, this too proved unsatisfactory, and the exchange moved to the newly built Capel Court in the same year. The exchange had recovered by the 1820s, bolstered by the growth of the railways, canals, mining and insurance industries (there were, however, problems with stags and dividend payments). Regional stock exchanges were formed across the UK. Bonds (or gilt-edged securities) also began to be traded.

[edit] Coat of Arms

It received its own Coat of Arms in 1923. Its motto is dictum meum pactum, "My word is my bond".^[1]

[edit] The Stock Exchange Tower

The former Stock Exchange Tower, based in Threadneedle Street/Old Broad Street was opened by Queen Elizabeth II in 1972 and housed the Trading Floor where traders would traditionally meet to conduct business.

This became largely redundant with the advent of the Big Bang on 27 October 1986, which deregulated many of the Stock Exchange's activities. It eliminated fixed commissions on security trades and allowed securities firms to act as brokers and dealers. It also enabled an increased use of computerised systems that allowed dealing rooms to take precedence over face to face trading.

[edit] IRA bomb

On 20 July 1990 a bomb planted by the IRA exploded in the men's toilets behind the visitors' gallery. The area had already been evacuated and nobody was injured.^[2] The long term trend towards electronic trading had been reducing the Exchange's status as a visitor attraction and, although the gallery reopened, it was closed permanently in 1992.

[edit] Paternoster Square

The Source by Greyworld, in the new LSE building

In July 2004, the London Stock Exchange moved from Threadneedle Street to Paternoster Square (EC4) close to St Paul's Cathedral, still within the "Square Mile" (the City of London).

It was officially opened by Queen Elizabeth II once again, accompanied by The Duke of Edinburgh, on 27 July 2004. The new building contains a specially commissioned dynamic sculpture called "The Source", by artists Greyworld.

[edit] Pursuit of LSE by prospective merger partners

[edit] Nasdaq

In December 2005, the London Stock Exchange rejected a £1.6 billion takeover offer from Macquarie Bank. The London Stock Exchange described the offer as "derisory", a sentiment echoed by shareholders in the exchange. Shortly after Macquarie withdrew its offer, the LSE received an unsolicited approach from NASDAQ valuing the company at £2.4 billion. This too it duly rejected. NASDAQ later pulled its bid, and less than two weeks later on 11 April 2006, struck a deal with LSE's largest shareholder, Ameriprise Financial's Threadneedle Asset Management unit, to acquire all of that firm's stake, consisting of 35.4 million shares, at £11.75 per share.^[3] NASDAQ also purchased 2.69 million additional shares, resulting in a total stake of 15%. While the seller of those shares was undisclosed, it occurred simultaneously with a sale by Scottish Widows of 2.69 million shares.^[4] The move was seen as an effort to force LSE to the negotiating table, as well as to limit the Exchange's strategic flexibility.^[5]

Subsequent purchases increased NASDAQ's stake to 25.1%, holding off competing bids for several months.^[6]^[7]^[8] United Kingdom financial rules required that NASDAQ wait for a period of time before renewing its effort. On 20 November 2006, within a month or two of the expiration of this period, NASDAQ increased its stake to 28.75% and launched a hostile offer at the minimum permitted bid of £12.43 per share, which was the highest NASDAQ had paid on the open market for its existing shares.^[9] The LSE immediately rejected this bid, stating that it "substantially undervalues" the company.^[10]

NASDAQ revised its offer (characterized as an "unsolicited" bid, rather than a "hostile takeover attempt") on 12 December 2006, indicating that it would be able to complete the deal with 50% (plus one share) of LSE's stock, rather than the 90% it had been seeking. The U.S. exchange did not, however, raise its bid. Many hedge funds had accumulated large positions within the LSE, and many managers of those funds, as well as Furse, indicated that the bid was still not satisfactory. NASDAQ's bid was made more difficult because it had described its offer as "final", which, under British bidding rules, restricted their ability to raise its offer except under certain circumstances.

In the end, NASDAQ's offer was roundly rejected by LSE shareholders. Having received acceptances of only 0.41 per cent of rest of the register by the deadline on 10 February 2007, Nasdaq's offer duly lapsed [1]. Responding to the news, Chris Gibson-Smith, the LSE's chairman, said: "The Exchange’s strategy has produced outstanding results for shareholders by facilitating a structural shift in volume growth in an increasingly international market at the centre of the world’s equity flows. The Exchange intends to build on its exceptionally valuable brand by progressing various competitive, collaborative and strategic opportunities, thereby reinforcing its uniquely powerful position in a fast evolving global sector."^[11]

On Monday, 20 August 2007, NASDAQ announced that it was abandoning its plan to take over the LSE and subsequently look for options to divest its 31% (61.3 million shares) shareholding in the company in light of its failed takeover attempt.^[12] In September 2007, NASDAQ agreed to sell the majority of its shares to Borse Dubai, leaving the United Arab Emirates-based exchange with 28% of the LSE.^[13]

[edit] Structure

The London Stock Exchange has four core areas:

Equity markets - enables companies from around the world to raise capital. There are four primary markets; Main Market, Alternative Investment Market (AIM), Professional Securities Market (PSM) and Specialist Fund Market (SFM).

Trading services - highly active market for trading in a range of securities, including UK and international equities, debt, covered warrants, exchange traded funds (ETFs), Exchange Traded Commodities (ETCs), reits, fixed interest, contracts for difference (CFDs) and depositary receipts.

Market data information - The London Stock Exchange provides real-time prices, news and other financial information to the global financial community.

Derivatives - A major contributor to derivatives business is EDX London, created in 2003 to bring the cash equity and derivatives markets closer together.

Athens Stock Exchange

2009-04-07T10:50:00.000-07:00

Athens Stock Exchange

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Athens Exchange
Χρηματιστήριο Αθηνών

Type	Stock Exchange
Location	Athens, Greece
Founded	1876
Owner	HELEX Group
Key people	Iakovos Georganas (Chairman) Spyros Capralos (CEO)
Currency	EUR
No. of listings	317
Website	www.athex.gr

Economy of Greece

Agriculture
Bank of Greece
Companies
Shipping

Stock Exchange
(companies listed)

Tourism

Greece topics

Culture · Education
Geography · History
Politics

Greece portal

The Athens Exchange or ATHEX (Greek: Χρηματιστήριο Αθηνών or ΧΑ) is a stock exchange located in Athens, Greece. It was first opened in 1876. Athens Exchange is a subsidiary of Hellenic Exchanges S.A., whose shares are listed in ATHEX. In August 1999 the derivatives market started operating, and in 2002 the Athens Stock Exchange and the Athens Derivatives Exchange merged to form Athens Exchange. Until 2007, it was located in Psiris, Sofocleous Street, near the city centre of Athens. For this reason the Exchange and Sofocleous St became synonymous. Now it resides in its new headquarters designed by Babis Vovos Constructions at 110 Athinon Street also called Kavalas Street. The exchange has normal trading sessions from 10:00am to 05:20pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.^[1]

American Stock Exchange

2009-04-07T10:42:00.000-07:00

American Stock Exchange

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NYSE Alternext U.S.
U.S. National Register of Historic Places
U.S. National Historic Landmark
The American Stock Exchange
Location:	86 Trinity Pl, Lower Manhattan, New York City, New York^[1]
Coordinates:	40°42′31″N 74°00′45″W / 40.70861°N 74.0125°W / 40.70861; -74.0125
Built/Founded:	1921, expanded in 1931 ^[2]
Architectural style(s):	Art Deco^[2]
Governing body:	NYSE Euronext
Added to NRHP:	June 2, 1978 ^[3]
Designated NHL:	June 2, 1978 ^[2]
NRHP Reference#:	78001867

NYSE Alternext U.S., formerly known as the American Stock Exchange (AMEX) is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953 it was known as the New York Curb Exchange.^[4] On January 17, 2008 NYSE Euronext announced it would acquire the American Stock Exchange for $260 million in stock.^[5] On October 1, 2008, NYSE Euronext completed acquisition of the American Stock Exchange.^[6] Before the closing of the acquisition, NYSE Euronext announced that the Exchange will be integrated with Alternext European small-cap exchange and renamed NYSE Alternext U.S.^[7]

History

The Exchange traces its roots back to colonial times, when stock brokers created outdoor markets in New York City to trade new government-issued securities. The AMEX started out in 1842 as such a market at the curbstone on Broad Street near Exchange Place. The curb brokers gathered around the lamp posts and mail boxes, resisting wind and weather, putting up lists of stocks for sale. As trading activity increased so did the volume of the transactions; the shouting reached such a high level that stock hand signals had to be introduced so that the brokers could continue trading over the din. In 1921 the market was moved indoors into the building at 86 Trinity Place, Manhattan, where it still resides. The hand signals remained in place for decades even after the move, as a means of covenient communication. The building was declared a National Historic Landmark in 1978.^[2]^[8]

Market

AMEX's core business has shifted over the years from stocks to options and Exchange-traded funds, although it continues to trade small to mid-size stocks. An effort in the mid-1990s to initiate an Emerging Company Marketplace ended in failure, as the reduced listing standards (beyond the existing lenient AMEX standards) caused penny stock promoters to move their scams to a national exchange. In the mid 1990s the exchange was dogged by allegations of trading scandals, which were highlighted by BusinessWeek in 1999.^[9] In 1998, the American Stock Exchange merged with the National Association of Securities Dealers (operators of NASDAQ) to create "The Nasdaq-Amex Market Group" where AMEX is an independent entity of the NASD parent company. After tension between the NASD and AMEX members, the latter group bought out the NASD and acquired control of the AMEX in 2004.

Out of the three major American stock exchanges, the AMEX is known to have the most liberal policies concerning company listing, as most of its companies are generally smaller compared to the NYSE and NASDAQ. The Amex also specialises in the trading of ETFs, and hybrid/structured securities. The majority of U.S. listed ETFs are traded at the AMEX including the SPDR and most Powershares.

In 2006, the AMEX attempted to popularize an American implementation of the Canadian income trust model. Listed Equity Income Hybrid Securities, (more commonly known as Income Deposit Securities) listed on the AMEX are B & G Foods Holding Corp. (BGF), Centerplate, Inc. (CVP), Coinmach Service Corp. (DRY), and Otelco Inc. (OTT). Recently Coinmach Service Corp, has been attempting to restructure itself away from being an income trust.

As of 31 December 2007, the AMEX had 592 listed companies with a combined market capitalization of $258 billion.^[10]

The AMEX also produces stock market indices; perhaps the most notable of these is an index of stocks of internet companies now known as the Inter@ctive Week Internet Index. Recently, the AMEX has also developed a unique set of indices known as Intellidexes, which attempt to gain alpha by creating indices weighted on fundamental factors. The AMEX Composite, a value-weighted index of all stocks listed on the exchange, established a record monthly close of 2,069.16 points on November 30, 2006.

Street level

Wikimedia Commons has media related to: American Stock Exchange

Located near the World Trade Center, the operation of the AMEX was temporarily affected by the September 11 attacks. The Exchange's operations were temporarily shifted to the Philadelphia Stock Exchange.

Hours

The exchange's normal trading sessions are from 9:30am to 4:00pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.^[11]

information of stok exchange

2009-03-30T20:25:00.000-07:00

A stock exchange, (formerly a securities exchange) is a corporation or mutual organization which provides "trading" facilities for stock brokers and traders, to trade stocks and other securities. Stock exchanges also provide facilities for the issue and redemption of securities as well as other financial instruments and capital events including the payment of income and dividends. The securities traded on a stock exchange include: shares issued by companies, unit trusts, derivatives, pooled investment products and bonds. To be able to trade a security on a certain stock exchange, it has to be listed there. Usually there is a central location at least for recordkeeping, but trade is less and less linked to such a physical place, as modern markets are electronic networks, which gives them advantages of speed and cost of transactions. Trade on an exchange is by members only. The initial offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market. Supply and demand in stock markets is driven by various factors which, as in all free markets, affect the price of stocks (see stock valuation).

There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be off exchange or over-the-counter. This is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a global market for securities.

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[edit] The First Stock Exchanges

In 11th century France the courtiers de change were concerned with managing and regulating the debts of agricultural communities on behalf of the banks. As these men also traded in debts, they could be called the first brokers.

Some stories suggest that the origins of the term "bourse" come from the Latin bursa meaning a bag because, in 13th century Bruges, the sign of a purse (or perhaps three purses), hung on the front of the house where merchants met.

House Ter Beurze in Bruges, Belgium.

However, it is more likely that in the late 13th century commodity traders in Bruges gathered inside the house of a man called Van der Burse, and in 1309 they institutionalized this until now informal meeting and became the "Bruges Bourse". The idea spread quickly around Flanders and neighbouring counties and "Bourses" soon opened in Ghent and Amsterdam.

In the middle of the 13th century, Venetian bankers began to trade in government securities. In 1351, the Venetian Government outlawed spreading rumors intended to lower the price of government funds. There were people in Pisa, Verona, Genoa and Florence who also began trading in government securities during the 14th century. This was only possible because these were independent city states ruled by a council of influential citizens, not by a duke.

The Dutch later started joint stock companies, which let shareholders invest in business ventures and get a share of their profits—or losses. In 1602, the Dutch East India Company issued the first shares on the Amsterdam Stock Exchange. It was the first company to issue stocks and bonds. In 1688, the trading of stocks began on a stock exchange in London.

On May 17, 1792, twenty-four supply brokers signed the Buttonwood Agreement outside 68 Wall Street in New York underneath a buttonwood tree. On March 8, 1817, properties got renamed to New York Stock & Exchange Board. In the 19th century, exchanges (generally famous as futures exchanges) got substantiated to trade futures contracts and then choices contracts.

There are now a large number of stock exchanges in the world.

[edit] The role of stock exchanges

Stock exchanges have multiple roles in the economy, this may include the following:^[1]

[edit] Raising capital for businesses

The Stock Exchange provide companies with the facility to raise capital for expansion through selling shares to the investing public.^[2]

[edit] Mobilizing savings for investment

When people draw their savings and invest in shares, it leads to a more rational allocation of resources because funds, which could have been consumed, or kept in idle deposits with banks, are mobilized and redirected to promote business activity with benefits for several economic sectors such as agriculture, commerce and industry, resulting in stronger economic growth and higher productivity levels and firms.

[edit] Facilitating company growth

Companies view acquisitions as an opportunity to expand product lines, increase distribution channels, hedge against volatility, increase its market share, or acquire other necessary business assets. A takeover bid or a merger agreement through the stock market is one of the simplest and most common ways for a company to grow by acquisition or fusion.

[edit] Redistribution of wealth

Stock exchanges do not exist to redistribute wealth. However, both casual and professional stock investors, through dividends and stock price increases that may result in capital gains, will share in the wealth of profitable businesses.

[edit] Corporate governance

By having a wide and varied scope of owners, companies generally tend to improve on their management standards and efficiency in order to satisfy the demands of these shareholders and the more stringent rules for public corporations imposed by public stock exchanges and the government. Consequently, it is alleged that public companies (companies that are owned by shareholders who are members of the general public and trade shares on public exchanges) tend to have better management records than privately-held companies (those companies where shares are not publicly traded, often owned by the company founders and/or their families and heirs, or otherwise by a small group of investors). However, some well-documented cases are known where it is alleged that there has been considerable slippage in corporate governance on the part of some public companies. The dot-com bubble in the early 2000s, and the subprime mortgage crisis in 2007-08, are classical examples of corporate mismanagement. Companies like Pets.com (2000), Enron Corporation (2001), One.Tel (2001), Sunbeam (2001), Webvan (2001), Adelphia (2002), MCI WorldCom (2002), Parmalat (2003), American International Group (2008), Lehman Brothers (2008), and Satyam Computer Services (2009) were among the most widely scrutinized by the media.

[edit] Creating investment opportunities for small investors

As opposed to other businesses that require huge capital outlay, investing in shares is open to both the large and small stock investors because a person buys the number of shares they can afford. Therefore the Stock Exchange provides the opportunity for small investors to own shares of the same companies as large investors.

[edit] Government capital-raising for development projects

Governments at various levels may decide to borrow money in order to finance infrastructure projects such as sewage and water treatment works or housing estates by selling another category of securities known as bonds. These bonds can be raised through the Stock Exchange whereby members of the public buy them, thus loaning money to the government. The issuance of such bonds can obviate the need to directly tax the citizens in order to finance development, although by securing such bonds with the full faith and credit of the government instead of with collateral, the result is that the government must tax the citizens or otherwise raise additional funds to make any regular coupon payments and refund the principal when the bonds mature.

[edit] Barometer of the economy

At the stock exchange, share prices rise and fall depending, largely, on market forces. Share prices tend to rise or remain stable when companies and the economy in general show signs of stability and growth. An economic recession, depression, or financial crisis could eventually lead to a stock market crash. Therefore the movement of share prices and in general of the stock indexes can be an indicator of the general trend in the economy.

[edit] Major stock exchanges

Twenty Major Stock Exchanges In The World: Market Capitalization & Year-to-date Turnover at the end of January 2009

Region	Stock Exchange	Market Value (millions USD)	Total Share Turnover (millions USD)
Africa	Johannesburg Securities Exchange	432,422.1	17,999.7
Americas	NASDAQ	2,203,759.6	2,325,238.3
Americas	São Paulo Stock Exchange	611,695.0	30,748.5
Americas	Toronto Stock Exchange	997,997.4	84,323.0
Americas	New York Stock Exchange	9,363,074.0	1,517,615.7
Asia-Pacific	Australian Securities Exchange	587,602.7	37,400.1
Asia-Pacific	Bombay Stock Exchange	613,187.6	14,425.0
Asia-Pacific	Hong Kong Stock Exchange	1,237,999.5	80,696.8
Asia-Pacific	Korea Exchange	470,417.3	81,755.0
Asia-Pacific	National Stock Exchange of India	572,566.8	39,057.1
Asia-Pacific	Shanghai Stock Exchange	1,557,161.3	142,144.2
Asia-Pacific	Shenzhen Stock Exchange	389,248.3	75,365.5
Asia-Pacific	Tokyo Stock Exchange	2,922,616.3	301,781.5
Europe	Euronext	1,862,930.9	146,173.3
Europe	Frankfurt Stock Exchange (Deutsche Börse)	937,452.9	264,970.3
Europe	London Stock Exchange	1,758,157.7	241,151.1
Europe	Madrid Stock Exchange (Bolsas y Mercados Españoles)	871,061.4	114,994.0
Europe	Milan Stock Exchange (Borsa Italiana)	456,206.7	48,094.8
Europe	Nordic Stock Exchange Group OMX¹	503,725.8	55,299.9
Europe	Swiss Exchange	761,896.1	63,435.6

Note 1: includes the Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges

Sources: World Federation of Exchanges - Statistics/Monthly
Remarks: There are 2 pending major mergers: NASDAQ with OMX; and London Stock Exchange with Milan Stock Exchange

The London Stock Exchange in the City of London.

New York Stock Exchange, New York City.

São Paulo Stock Exchange in São Paulo.

The Tokyo Stock Exchange in Tokyo.

Australian Securities Exchange's Sydney Exchange Centre in Sydney.

The Johannesburg Securities Exchange in the City of Johannesburg.

The main stock exchanges:

[edit] Listing requirements

Listing requirements are the set of conditions imposed by a given stock exchange upon companies that want to be listed on that exchange. Such conditions sometimes include minimum number of shares outstanding, minimum market capitalization, and minimum annual income.

[edit] Requirements by stock exchange

Companies have to meet the requirements of the exchange in order to have their stocks and shares listed and traded there, but requirements vary by stock exchange:

Bombay Stock Exchange: Bombay Stock Exchange (BSE) has requirements for a minimum market capitalization of Rs.250 Million and minimum public float equivalent to Rs.100 Million.^[3]

London Stock Exchange: The main market of the London Stock Exchange has requirements for a minimum market capitalization (£700,000), three years of audited financial statements, minimum public float (25 per cent) and sufficient working capital for at least 12 months from the date of listing.

NASDAQ Stock Exchange: To be listed on the NASDAQ a company must have issued at least 1.25 million shares of stock worth at least $70 million and must have earned more than $11 million over the last three years.^[4]

New York Stock Exchange: To be listed on the New York Stock Exchange (NYSE) a company must have issued at least a million shares of stock worth $100 million and must have earned more than $10 million over the last three years.^[5]

[edit] Ownership

Stock exchanges originated as mutual organizations, owned by its member stock brokers. There has been a recent trend for stock exchanges to demutualize, where the members sell their shares in an initial public offering. In this way the mutual organization becomes a corporation, with shares that are listed on a stock exchange. Examples are Australian Securities Exchange (1998), Euronext (merged with New York Stock Exchange), NASDAQ (2002), the New York Stock Exchange (2005), Bolsas y Mercados Españoles, and the São Paulo Stock Exchange (2007). The Shenzhen and Shanghai stock exchanges can been characterized as quasi-state institutions insofar as they were created by government bodies in China and their leading personnel are directly appointed by the China Securities Regulatory Commission.

[edit] Other types of exchanges

In the 19th century, exchanges were opened to trade forward contracts on commodities. Exchange traded forward contracts are called futures contracts. These commodity exchanges later started offering future contracts on other products, such as interest rates and shares, as well as options contracts. They are now generally known as futures exchanges.

[edit] The future of stock exchanges

The future of stock trading appears to be electronic, as competition is continually growing between the remaining traditional New York Stock Exchange specialist system against the relatively new, all Electronic Communications Networks, or ECNs. ECNs point to their speedy execution of large block trades, while specialist system proponents cite the role of specialists in maintaining orderly markets, especially under extraordinary conditions or for special types of orders.

The ECNs contend that an array of special interests profit at the expense of investors in even the most mundane exchange-directed trades. Machine-based systems, they argue, are much more efficient, because they speed up the execution mechanism and eliminate the need to deal with an intermediary.

Historically, the 'market' (which, as noted, encompasses the totality of stock trading on all exchanges) has been slow to respond to technological innovation, thus allowing growing pure speculation to continue. Conversion to all-electronic trading could erode/eliminate the trading profits of floor specialists and the NYSE's "upstairs traders", who, like in September and October 2008, earned billions of dollars selling shares they did not have, and days later buying the same amount of shares, but maybe 15 % cheaper, so these shares could be handed to their buyers, thereby making the market fall deeply.^{[citation needed]}

William Lupien, founder of the Instinet trading system and the OptiMark system, has been quoted as saying "I'd definitely say the ECNs are winning... Things happen awfully fast once you reach the tipping point. We're now at the tipping point."

One example of improved efficiency of ECNs is the prevention of front running, by which manual Wall Street traders use knowledge of a customer's incoming order to place their own orders so as to benefit from the perceived change to market direction that the introduction of a large order will cause. By executing large trades at lightning speed without manual intervention, ECNs make impossible this illegal practice, for which several NYSE floor brokers were investigated and severely fined in recent years.^[6] Under the specialist system, when the market sees a large trade in a name, other buyers are immediately able to look to see how big the trader is in the name, and make inferences about why s/he is selling or buying. All traders who are quick enough are able to use that information to anticipate price movements.

ECNs have changed ordinary stock transaction processing (like brokerage services before them) into a commodity-type business. ECNs could regulate the fairness of initial public offerings (IPOs), oversee Hambrecht's OpenIPO process, or measure the effectiveness of securities research and use transaction fees to subsidize small- and mid-cap research efforts.

Some^[who?], however, believe the answer will be some combination of the best of technology and "upstairs trading" — in other words, a hybrid model.

Trading 25,000 shares of General Electric stock (recent^[when?] quote: $7.54; recent^[when?] volume: 216,266,000) would be a relatively simple e-commerce transaction; trading 100 shares of Berkshire Hathaway Class A stock (recent quote: $72,625.00; recent volume: 877) may never be. The choice of system should be clear (but always that of the trader), based on the characteristics of the security to be traded.

Even with ECNs forming an important part of a national market system, opportunities presumably remain to profit from the spread between the bid and offer price. That is especially true for investment managers that direct huge trading volume, and own a stake in an ECN or specialist firm. For example, in its individual stock-brokerage accounts, "Fidelity Investments runs 29% of its undesignated orders in NYSE-listed stocks, and 37% of its undesignated market orders through the Boston Stock Exchange, where an affiliate controls a specialist post."

[edit] Gallery

[edit] See also

Look up bourse, stock exchange in Wiktionary, the free dictionary.

[edit] Lists

[edit] Notes

^ Diamond, Peter A. (1967). "The Role of a Stock Market in a General Equilibrium Model with Technological Uncertainty". American Economic Review 57 (4): 759–776. http://www.jstor.org/pss/1815367.
^ Gilson, Ronald J.; Black, Bernard S. (1998). "Venture Capital and the Structure of Capital Markets: Banks Versus Stock Markets". Journal of Financial Economics 47: 243–277. doi:10.2139/ssrn.46909.
^ About Us
^ NASDAQ Corporate -NASDAQ Listing Information
^ http://www.nyse.com/Frameset.html?displayPage=/listed/1022540125610.html
^ NYSE SPECIALIST FACES 27 MONTHS FOR TRADES

[edit] External links

[hide]

Stock market

Types of stocks

Stock · Common stock · Preferred stock · Outstanding stock · Treasury stock · Authorised stock · Restricted stock · Concentrated stock · Golden share

Participants

Investor · Stock trader/investor · Market maker · Floor trader · Floor broker · Broker-dealer

Exchanges

Stock exchange · List of stock exchanges · Over-the-counter · Electronic Communication Network

Stock valuation

Gordon model · Dividend yield · Earnings per share · Book value · Earnings yield · Beta · Alpha · CAPM · Arbitrage pricing theory

Financial ratios

P/CF ratio · P/E · PEG · Price/sales ratio · P/B ratio · D/E ratio · Dividend payout ratio · Dividend cover · SGR · ROIC · ROCE · ROE · ROA · EV/EBITDA · RSI · Sharpe ratio · Treynor ratio · Cap rate

Trading theories

Efficient market hypothesis · Fundamental analysis · Technical analysis · Modern portfolio theory · Post-modern portfolio theory · Mosaic theory

New York Stock Exchange


Type	Stock exchange
Location	New York City, New York, United States
Coordinates	40°42′24″N 74°00′41″W / 40.70667°N 74.01139°W / 40.70667; -74.01139
Owner	NYSE Euronext
Key people	Duncan Niederauer (CEO)
Currency	United States dollar
No. of listings	2,773
MarketCap	US$25 trillion (2006)
Volume	US$22 trillion (2006)
Indexes	NYSE Composite Dow Jones Industrial Average
Website	www.nyse.com

New York Stock Exchange is an equity (stock) exchange located at 11 Wall Street in lower Manhattan, New York, USA). It is the largest stock exchange in the world by dollar value of its listed companies' securities.^[1] As of October 2008, the combined capitalization of all domestic New York Stock Exchange listed companies was US$10.1 trillion.^[2]

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[edit] History

The origin of the NYSE can be traced to May 17, 1792, when the Buttonwood Agreement was signed by 24 stock brokers outside of 68 Wall Street in New York under a buttonwood tree on Wall Street. On March 8, 1817, the organization drafted a constitution and renamed itself the "New York Stock & Exchange Board". Anthony Stockholm was elected the Exchange's first president. (For other presidents, see List of presidents of the New York Stock Exchange.)

The floor of the New York Stock Exchange in 1908

The first central location of the Exchange was a room, rented in 1817 for $200 a month, located at 40 Wall Street. After that location was destroyed in the Great Fire of New York (1835), the Exchange moved to a temporary headquarters. In 1863, the New York Stock & Exchange Board changed to its current name, the New York Stock Exchange. In 1865, the Exchange moved to 10-12 Broad Street.

New York Stock Exchange
U.S. National Register of Historic Places
U.S. National Historic Landmark
Front Elevation of New York Stock Exchange

Location:	New York, NY
Coordinates:	40°42′24.21″N 74°0′41.6″W / 40.706725°N 74.011556°W / 40.706725; -74.011556
Built/Founded:	1903
Architect:	Trowbridge & Livingston; George B. Post
Architectural style(s):	Classical Revival
Governing body:	Private
Added to NRHP:	June 2, 1978^[7]
Designated NHL:	June 2, 1978^[4]
NRHP Reference#:	78001877

The volume of stocks traded increased sixfold in the years between 1896 and 1901, and a larger space was required to conduct business in the expanding marketplace.^[8] Eight New York City architects were invited to participate in a design competition for a new building; ultimately, the Exchange selected the neoclassic design submitted by architect George B. Post. Demolition of the Exchange building at 10 Broad Street, and adjacent buildings, started on May 10, 1901.

The new building, located at 18 Broad Street, cost $4 million and opened on April 22, 1903. The trading floor, at 109 x 140 feet (33 x 42.5 m), was one of the largest volumes of space in the city at the time, and had a skylight set into a 72-foot (22 m)-high ceiling. The main façade of the building features six tall Corinthian capitals, topped by a marble sculpture by John Quincy Adams Ward, called “Integrity Protecting the Works of Man”. The building was listed as a National Historic Landmark and added to the National Register of Historic Places on June 2, 1978.^[9]

In 1922, a building for offices, designed by Trowbridge & Livingston, was added at 11 Broad Street, as well as a new trading floor called "the garage". Additional trading floor space was added in 1969 and 1988 (the "blue room") with the latest technology for information display and communication. Yet another trading floor was opened at 30 Broad Street in 2000. As the NYSE introduced its hybrid market, a greater proportion of trading came to be executed electronically, and due to the resulting reduction in demand for trading floor space, the NYSE decided to close the 30 Broad Street trading room in early 2006. As the adoption of electronic trading continued to reduce the number of traders and employees on the floor, in late 2007, the NYSE closed the rooms created by the 1969 and 1988 expansions.

The Stock Exchange Luncheon Club was situated on the seventh floor from 1898 until its closure in 2006. ^[10]

[edit] Events

The exchange was closed shortly after the beginning of World War I (July 31, 1914), but it partially re-opened on November 28 of that year in order to help the war effort by trading bonds, and completely reopened for stock trading in mid-December.

On September 16, 1920, a bomb exploded on Wall Street outside the NYSE building, killing 33 people and injuring more than 400. The perpetrators were never found. The NYSE building and some buildings nearby, such as the JP Morgan building, still have marks on their facades caused by the bombing.

The Black Thursday crash of the Exchange on October 24, 1929, and the sell-off panic which started on Black Tuesday, October 29, are often blamed for precipitating the Great Depression of 1929. In an effort to try to restore investor confidence, the Exchange unveiled a fifteen-point program aimed to upgrade protection for the investing public on October 31, 1938.

On October 1, 1934, the exchange was registered as a national securities exchange with the U.S. Securities and Exchange Commission, with a president and a thirty-three member board. On February 18, 1971 the non-profit corporation was formed, and the number of board members was reduced to twenty-five.

One of Abbie Hoffman's well-known protests took place on August 24, 1967, when he led members of the Yippie movement to the gallery of the New York Stock Exchange (NYSE). The protesters threw fistfuls of dollars (most of the bills were fake) down to the traders below, some of whom booed, while others began to scramble frantically to grab the money as fast as they could. Hoffman claimed to be pointing out that, metaphorically, that's what NYSE traders "were already doing." "We didn't call the press," wrote Hoffman, "at that time we really had no notion of anything called a media event." The press was quick to respond and by evening the event was reported around the world. Since that incident, the stock exchange has spent $20,000 to enclose the gallery with bulletproof glass.

On October 19, 1987, the Dow Jones Industrial Average (DJIA) dropped 508 points, a 22.6% loss in a single day, the second-biggest one-day drop the exchange had experienced, prompting officials at the exchange to invoke for the first time the "circuit breaker" rule to halt all trading. This was a very controversial move and led to a quick change in the rule; trading now halts for an hour, two hours, or the rest of the day when the DJIA drops 10, 20, or 30 percent, respectively. In the afternoon, the 10% and 20% drops will halt trading for a shorter period of time, but a 30% drop will always close the exchange for the day. The rationale behind the trading halt was to give investors a chance to cool off and reevaluate their positions. Black Monday was followed by Terrible Tuesday, a day in which the Exchange's systems did not perform well and some people had difficulty completing their trades.

There was a panic similar to many with a fall of 7.2% in value (554.26 points) on October 27, 1997 prompted by falls in Asian markets, from which the NYSE recovered quickly.

On January 26, 2000, an altercation during filming of the music video for Sleep Now in the Fire, which was directed by Michael Moore, caused the doors of the exchange to be closed and the band, Rage Against the Machine, to be escorted from the site by security,^[11] after band members attempted to gain entry into the exchange.^[12] Trading on the exchange floor, however, continued uninterrupted.^[13]

Security after the September 11 attacks

The NYSE was closed from September 11 until September 17, 2001 as a result of the September 11 attacks.

On September 17, 2003, NYSE chairman and chief executive Richard Grasso stepped down as a result of controversy concerning the size of his deferred compensation package. He was replaced as CEO by John S. Reed, the former Chairman of Citigroup.

The NYSE announced its plans to acquire Archipelago on April 21, 2005, in a deal intended to reorganize the NYSE as a publicly traded company. NYSE's governing board voted to acquire rival Archipelago on December 6, 2005, and become a for-profit, public company. It began trading under the name NYSE Group on March 8, 2006. A little over one year later, on April 4, 2007, the NYSE Group completed its merger with Euronext, the European combined stock market, thus forming the NYSE Euronext, the first transatlantic stock exchange.

Presently, Marsh Carter is Chairman of the New York Stock Exchange, having succeeded John S. Reed and the CEO is Duncan Niederauer, having succeeded John Thain.

[edit] Timeline

This article may contain an inappropriate mixture of prose and timeline. Please help convert this timeline into prose or, if necessary, a list.

NYSE's stock exchange traders floor before the introduction of electronic readouts and computer screens

1792 - The NYSE acquires its first traded securities [2] [3]
1817 - The constitution of the New York Stock and Exchange Board is adopted [4]
1867 - The First Stock Ticker [5]
1896 - Dow Jones Industrial Average first published in The Wall Street Journal [6]
1903 - NYSE moves into new quarters at 18 Broad Street
1906 - Dow exceeds 100 on January 12
1907 - Panic of 1907
1914 - World War I causes the longest exchange shutdown: four months, two weeks; re-opening December 12 brings the largest one-day percentage drop in the DJIA (24.4%)
1915 - Market price is given in dollars
1929 - Central quote system established; Black Thursday, October 24 and Black Tuesday, October 29 signal the end of the Roaring Twenties bull market
1943 - Trading floor is opened to women^[14]

The NYSE at Christmas time (December 2008)

The NYSE Floor (August 2008)

1949 - Longest (eight-year) bull market begins [7]
1954 - Dow surpasses its 1929 peak in inflation-adjusted dollars
1956 - Dow closes above 500 for the first time on March 12
1966 - NYSE creates the Common Stock Index; floor data fully automated [8]
1967 - Protesters led by Abbie Hoffman throw mostly fake dollar bills at traders from gallery, leading to the installation of bullet-proof glass
1970 - Securities Investor Protection Corporation established
1971 - NYSE recognized as Not-for-Profit organization [9]
1972 - Dow closes above 1,000 for the first time on November 14
1977 - Foreign brokers are admitted to NYSE
1979 - New York Futures Exchange established
1982 - Longest bull market in DJIA history begins
1987 - Black Monday, October 19, sees the second-largest one-day DJIA percentage drop (22.6%) in history
1991 - Dow exceeds 3,000
1995 - Dow exceeds 5,000
1996 - Real-time ticker introduced [10]
1999 - Dow exceeds 10,000 on March 29
2000 - Dow peaks at 11,722.98 on January 14; first NYSE global index is launched under the ticker NYIID
2001 - Trading in fractions (n/16) ends, replaced by decimals (increments of $.01, see Decimalisation); September 11, 2001 attacks occur, closing NYSE for 4 sessions
2003 - NYSE Composite Index relaunched and value set equal to 5,000 points
2006 - NYSE and ArcaEx merge, creating NYSE Arca and forming the publicly owned, for-profit NYSE Group, Inc.; in turn, NYSE Group merges with Euronext, creating the first trans-Atlantic stock exchange group; DJIA tops 12,000 on October 19
2007 - US President George W. Bush shows up unannounced to the Floor about an hour and a half before a Federal Open Market Committee interest-rate decision on January 31.^[15] NYSE announces its merger with the American Stock Exchange; NYSE Composite closes above 10,000 on June 1; DJIA exceeds 14,000 on July 19 and closes at a peak of 14,164.53 on October 9.
2008 - On September 15, also known as "Ugly Monday" [11], the DJIA loses more than 500 points amid fears of bank failures, resulting in a permanent prohibition of naked short selling and a three-week temporary ban on all short selling of financial stocks; in spite of this, record volatility continues for the next two months, culminating at 5 1/2-year market lows.
2009 - Markets methodically fall to new 12-year lows in March, briefly trading below 4,200 on the NYSE Composite and 6,500 on the Dow.

[edit] Trading

U.S. Secretary of Commerce Donald L. Evans rings the opening bell at the NYSE on April 23, 2003. Former chairman Jack Womack is also in this picture.

The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The NYSE is open for trading Monday through Friday between 9:30–16:00 ET, with the exception of holidays declared by the Exchange in advance.

On the trading floor, the NYSE trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by an NYSE member firm (that is, he/she is not an employee of the New York Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 10% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together.

As of January 24, 2007, all NYSE stocks can be traded via its electronic Hybrid Market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In the first three months of 2007, in excess of 82% of all order volume was delivered to the floor electronically.^[16]

The right to directly trade shares on the exchange is conferred upon owners of the 1366 "seats". The term comes from the fact that up until the 1870s NYSE members sat in chairs to trade. In 1868, the number of seats was fixed at 533, and this number was increased several times over the years. In 1953, the exchange stopped at 1366 seats. These seats are a sought-after commodity as they confer the ability to directly trade stock on the NYSE. Seat prices have varied widely over the years, generally falling during recessions and rising during economic expansions. The most expensive inflation-adjusted seat was sold in 1929 for $625,000, which, today, would be over six million dollars. In recent times, seats have sold for as high as $4 million in the late 1990s and $1 million in 2001. In 2005, seat prices shot up to $3.25 million as the exchange was set to merge with Archipelago and become a for-profit, publicly traded company. Seat owners received $500,000 cash per seat and 77,000 shares of the newly formed corporation. The NYSE now sells one-year licenses to trade directly on the exchange.

[edit] NYSE Composite Index

In the mid-1960s, the NYSE Composite Index (NYSE: NYA) was created, with a base value of 50 points equal to the 1965 yearly close, to reflect the value of all stocks trading at the exchange instead of just the 30 stocks included in the Dow Jones Industrial Average. To raise the profile of the composite index, in 2003 the NYSE set its new base value of 5,000 points equal to the 2002 yearly close.

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StOcK eXcHanG

Karachi Stock Exchange

Contents

History

Business

Trading

Growth

2008 Karachi Stock Exchange Crisis

See also

References

External links

Osaka Securities Exchange

Osaka Securities Exchange

From Wikipedia, the free encyclopedia

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New York Stock Exchange

New York Stock Exchange

Contents

Istanbul Stock Exchange

Istanbul Stock Exchange

Hong Kong Stock Exchange

Hong Kong Stock Exchange

History

National Stock Exchange of India

From Wikipedia, the free encyclopedia

Contents

Origins

Tokyo Stock Exchange

Tokyo Stock Exchange

Contents

[edit] Structure

London Stock Exchange

London Stock Exchange

Contents

[edit] History

[edit] Origin of share trading

[edit] Exchange

[edit] Licensing of brokers

[edit] The South Sea Bubble

[edit] Threadneedle Street and Capel Court

[edit] Coat of Arms

[edit] The Stock Exchange Tower

[edit] IRA bomb

[edit] Paternoster Square

[edit] Pursuit of LSE by prospective merger partners

[edit] Nasdaq

[edit] Structure

Athens Stock Exchange

Athens Stock Exchange

American Stock Exchange

American Stock Exchange

Contents

History

Market

Hours

information of stok exchange

Contents

[edit] The First Stock Exchanges

[edit] The role of stock exchanges

[edit] Raising capital for businesses

[edit] Mobilizing savings for investment

[edit] Facilitating company growth

[edit] Redistribution of wealth

[edit] Corporate governance

[edit] Creating investment opportunities for small investors

[edit] Government capital-raising for development projects

[edit] Barometer of the economy

[edit] Major stock exchanges

[edit] Listing requirements

[edit] Requirements by stock exchange

[edit] Ownership

[edit] Other types of exchanges

[edit] The future of stock exchanges

[edit] Gallery

[edit] See also

[edit] Lists

[edit] Notes

[edit] External links

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[edit] History